Southeast Asia-based Regtech company Tookitaki recently revealed that it has launch operations in the Philippines via a collaboration with payment gateway provider Paymongo.
Tookitaki is based in Singapore and offers comprehensive financial crime solutions to major financial institutions.
Ahead of its launch, Tookitaki had teamed up with PayMongo to provide safer and more secure transfers for the platform’s users and 10,000+ partner merchants.
Earlier in 2022, international cross-border payments Fintech Thunes acquired a majority stake in Tookitaki with the goal to increase the Regtech’s presence in key APAC markets such as the Philippines.
Establishing its Philippine office in Q3 of this year, Tookitaki will be hiring Filipino professionals for its domestic operations.
Abhishek Chatterjee, Founder and CEO of Tookitaki, said:
“We are deeply committed to empower the banking and financial services (BFS) sector in the Philippines to fight money laundering in the most effective and efficient manner. We look forward to partnering with more fintechs and local banks in the region offering an end-to-end AML detection and prevention software solution”
As covered in April 2022, Thunes has purchased a majority stake in Tookitaki Holding Pte Ltd. According to a statement from Thunes, the company invested over $20 million
Thunes is a Singapore-based payments Fintech. Tookitaki is a compliance firm providing anti-money laundering (AML) and know your customer (KYC) services, as well as other Regtech offerings.
Thunes points to research that indicates between 2 to 5% of the global GDP, or USD $800 billion to USD $2 trillion, is laundered each year. As cross-border payments increase so does the risk of money laundering.
Another report by JP Morgan suggests total annual transaction costs for global cross-border payments have climbed to USD $120 billion. Regulatory compliance fees are said to be a significant percentage of this total and Thunes believes they can reduce this with Tookitaki while generating savings for their customers.